Preferred Apartment Communities Acquires 218-Unit Multifamily Community in Tampa, Florida

TAMPA, FL - Preferred Apartment Communities announced that it acquired 5 Oaks at Westchase, a newly constructed 218-unit Class A multifamily community in Tampa, Florida.  Built in 2019, 5 Oaks at Westchase is located in the highly desirable Westchase submarket of Tampa, Florida, an over 2,000-acre master-planned community located in the northwest region of Tampa.

Jeff Sherman, the Company's Executive Vice President and Managing Director of Multifamily stated:  "5 Oaks is another best-in-class investment opportunity.  The property is surrounded by affluent demographics, zoned for top-rated schools and is walkable to retail and restaurants including Costco and Starbucks."  

5 Oaks was purchased all cash; however, the Company plans to finance the property with favorable debt terms at a later date.

Mr. Sherman continued, "5 Oaks also sets the bar for design and finishes with direct elevator access, screened-in porches, quartz counters, stainless appliances and resort style amenities."  Mr. Sherman added, "This is our second acquisition from Flournoy Development, a premier multifamily developer located in Columbus GA, and we look forward to a long working relationship."